Streamlining of Business Processes to Increase Margin Is Key to Obtaining

question 13

True/False

Streamlining of business processes to increase margin is key to obtaining competitive advantage.

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Definitions:

Marginal Returns

The additional output gained by employing an additional unit of a resource.

Labor

The measure of the work done by human beings in the economy, often referred to in terms of hours worked or total workforce.

Capital

Refers to the financial assets or resources that businesses use to fund their operations and grow, including cash, equipment, and buildings.

Increasing Returns

A concept in economics where an increase in the scale of production leads to a greater than proportional increase in output.